Staying Relevant In Fast-evolving Ecosystem
With the world changing rapidly and the consumer being far more informed than he used to be, the biggest challenge faced by businesses today is staying relevant
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Nowadays, consumer-facing brands cannot survive in isolation. Unlike earlier where it was enough to have a good product to succeed, in today’s world, brand survival is crucial based on engaging customers in constant conversations. Such conversations are at the core of shaping trends around the world and ensuring brand relevance. Besides, conversations also play a critical role in directing a brand’s journey and guiding brand-consumer relationships.
Social media conversations influence viewing patterns of audiences in a big way. They present opportunities for broadcasters to leverage their content by aligning marketing strategies with changing consumer preferences. Sporting events and entertainment programmes have started gaining popularity due to the collective social experience they offer. This is a great opportunity for broadcasters to also leverage their content, shows and properties by aligning their marketing strategies with these changing consumer preferences. Their strategies need to be about exposing audiences to experiences that transform them into brand ambassadors and encouraging them to post about these experiences on social media which, in turn, will increase the relevance of the broadcaster.
In the media and entertainment space, the migration of viewers towards digital platforms, coupled with a rise in smartphones usage and the low cost of data has changed the face of the industry. It has become imperative for broadcasters to pulse check their viewers and reach out to them more innovatively. The viewer today prefers embracing new forms of technology, which have changed the way content is being consumed. Audiences today want access to the latest content as quickly as possible. Hence, it is important for broadcasters to make their content available on all platforms and on all screens.
Further, it is a fact that consumers will not linger too long on something that does not intrigue them, but when they engage with a brand in real-life, they go all in. Broadcasters must facilitate a deeper engagement with content to offer a carefully crafted omni screen experience. Therefore, it is safe to say that experiential marketing is gaining impetus.
Another trend that is catching on amongst advertisers and broadcasters is branded content. Statistics show that when a consumer watches branded content, their brand recall is up to 59 per cent higher than it is with display ads. Viewers are also 14 per cent more likely to seek out extra content from the same brand (Source: IPG Media Lab 2016) The simple explanation behind this is that branded content is far more consumer focused than display ads. Branded content has boosted the revenues of broadcasters and is a win-win for advertisers alike.
At times, there are seismic shifts that drastically change the way businesses function, but that doesn’t mean one succumbs to pressure. Trends come and go, but with the right strategies, you can stay ahead of the curve and stay relevant. After all, change is the only constant and businesses have no choice but to go-beyond despite the changing concepts of relevance.
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